Dubai: Sunrise Properties Limited, a company incorporated in the Jebel Ali Free Zone and part of EPG Hotels & Resorts, UAE, signed a Dh515 million syndicated term and murabaha facility in Dubai. Emirates NBD Capital Limited was the sole mandated lead arranger and bookrunner of the financing, while Doha Bank and Emirates NBD were the financiers.
The financing, which will be used for the development of the luxury hotel named Emerald Palace Kempinski Hotel on Palm Jumeirah, was fully-subscribed by the financiers.
“This is the second major project being developed by the group after the completion of the currently operational Kempinski Residences & Hotel Apartments. Our goal is to become a key player in the Dubai’s hospitality industry and we will be launching other hospitality projects in Dubai very soon,” said Nver Mkhitaryan, the promoter of EPG Hotels & Resorts and Sunrise Properties Limited.
EPG Hotels & Resorts is offering hotel units in the Emerald Palace Kempinski Hotel Palm Jumeirah to individual and institutional investors for freehold acquisition with a compulsory lease-back to the hotel.
“Emirates NBD has arranged and financed numerous landmark development financings in Dubai and UAE. This financing will add a key hospitality asset to our portfolio. This financing further cements our footprint in the Dubai & [the] UAE hospitality sector and our credentials as a lead arranger for structured and syndicated financings,” said Mahdi Kazim, Eminrates NBD’s general manager for Large Corporates.
